The NZD/USD pair attracts some sellers following an intraday uptick to the 0.5935 area on Friday and has now surrendered its modest intraday gains. Sp
ot prices, however, manage to hold above the daily trough, around the 59.00 mark, which represents the 200-hour Simple Moving Average and should act as a pivotal point for intraday traders.
In the meantime, a generally positive tone around the equity markets, bolstered by more stimulus from China, undermines the safe-haven US Dollar and should lend some support to the risk-sensitive Kiwi. The People’s Bank of China lowered the Reserve Ratio Requirements for local lenders by 25 bps. This is the second such move this year and is expected to release more, which should potentially shore up growth in the world's second-largest economy.
Despite the aforementioned supporting factors, the NZD/USD pair, so far, has been struggling to gain any meaningful traction. Furthermore, firming expectations that the Federal Reserve will stick to its hawkish stance favour the USD bulls. This, in turn, warrants some caution before placing aggressive bullish bets around the pair positioning for an extension of the recent recovery from the 0.5860-0.5855 region, or the YTD low touched last week.
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